Nam must strengthen economic ability to absorb shocks: Geingob

02 Jan 2016 13:50pm
WINDHOEK, 02 JAN (NAMPA) - Caution must be exercised in viewing Namibia’s challenges within a narrow domestic context, as the country does not exist in isolation to the rest of the world.
President Hage Geingob made these remarks in his New Year’s message issued by the Office of the President on Thursday, New Year’s Eve.
Geingob said Namibia is vulnerable to external shocks which have negative consequences on the economy, but are not within the country’s control.
He noted the global slump in commodity prices, the exchange rate fluctuations and climate change as key examples.
“As a nation, we must ensure that we strengthen our economic ability to absorb these shocks. The maintenance of our positive credit rating is testimony to our focus of safeguarding our economic sovereignty by preserving and enhancing the current fiscal and macroeconomic stability,” he said.
The Head of State said in order to meet national growth targets, targeted and substantial investment in economic infrastructure like water, energy and transport is required in order to preserve and expand the country’s competitiveness and stimulate economic development.
He also noted that the expansion of the economy and job creation requires investments in industrialisation programmes and the addition of value to resources.
“Like many other nations, we grapple with global challenges such as high-income inequality, poverty and the need for affordable land and housing,” he stated.
These global challenges require Namibian solutions and government welcomes the participation of non-State actors who offer constructive and workable solutions, the President said.